Investments and Fair Value Measurements (Tables)

12 Months Ended

Jul. 02, 2016

Investments and Fair Value Measurements [Abstract]

Schedule of available-for-sale securities

As of July 2, 2016, the Company’s available-for-sale securities were as follows (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Debt securities:
U.S. treasuries	$	46.1	$	—	$	—		$	46.1
U.S. agencies	24.9		—		—			24.9
Municipal bonds and sovereign debt instruments	2.0		—		—			2.0
Asset-backed securities	50.4		0.1		(0.3		)	50.2
Corporate securities	224.5		0.2		(0.1		)	224.6
Total debt securities	347.9		0.3		(0.4		)	347.8
Marketable equity securities	62.1		109.2		—			171.3
Total available-for-sale investments	$	410.0	$	109.5	$	(0.4	)	$	519.1

As of June 27, 2015, the Company’s available-for-sale securities were as follows (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Debt securities:
U.S. treasuries	$	51.9	$	—	$	—		$	51.9
U.S. agencies	96.0		—		—			96.0
Municipal bonds and sovereign debt instruments	4.0		—		—			4.0
Asset-backed securities	70.6		—		(0.2		)	70.4
Corporate securities	274.1		0.1		(0.1		)	274.1
Total available-for-sale securities	$	496.6	$	0.1	$	(0.3	)	$	496.4

Schedule of gross unrealized losses on available-for-sale securities

As of June 27, 2015, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument, were as follows (in millions):



	Less than 12 Months			Greater than 12 Months			Total
Asset-backed securities	$	—		$	(0.2	)	$	(0.2	)
Corporate securities	(0.1		)	—			(0.1		)
Total gross unrealized losses	$	(0.1	)	$	(0.2	)	$	(0.3	)

As of July 2, 2016, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument, were as follows (in millions):



	Less than 12 Months			Greater than 12 Months			Total
Asset-backed securities	$	—		$	(0.3	)	$	(0.3	)
Corporate securities	(0.1		)	—			(0.1		)
Total gross unrealized losses	$	(0.1	)	$	(0.3	)	$	(0.4	)

Schedule of contractual maturities of available-for-sale securities

As of July 2, 2016, contractual maturities of the Company’s debt securities classified as available-for-sale securities were as follows (in millions):



	Amortized Cost/Carrying Cost		Estimated Fair Value
Amounts maturing in less than 1 year	$	252.6	$	252.7
Amounts maturing in 1 - 5 years	94.3		94.5
Amounts maturing in more than 5 years	1.0		0.6
Total debt available-for-sale securities	$	347.9	$	347.8

Schedule of assets measured at fair value

Assets measured at fair value as of July 2, 2016 are summarized below (in millions):



	Fair Value Measurement as of
	July 2, 2016
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets:
Available-for-sale securities:
U.S. treasuries	$	46.1	$	46.1	$	—
U.S. agencies	24.9		—		24.9
Municipal bonds and sovereign debt instruments	2.0		—		2.0
Asset-backed securities	50.2				50.2
Corporate securities	224.6		—		224.6
Total debt available-for-sale securities	347.8		46.1		301.7
Marketable equity securities	171.3		171.3		—
Money market funds	274.4		274.4		—
Trading securities	2.4		2.4		—
Total assets (1)	795.9		494.2		301.7


(1)	$295.4 million in cash and cash equivalents, $484.7 million in short-term investments, $11.3 million in restricted cash, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets.

Assets measured at fair value as of June 27, 2015 are summarized below (in millions):



	Fair value measurement as of
	June 27, 2015
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets:
Debt available-for-sale securities:
U.S. treasuries	$	51.9	$	51.9	$	—
U.S. agencies	96.0		—		96.0
Municipal bonds and sovereign debt instruments	4.0		—		4.0
Asset-backed securities	70.4		—		70.4
Corporate securities	274.1		—		274.1
Total debt available-for-sale securities	496.4		51.9		444.5
Money market funds	220.6		220.6		—
Trading securities	3.0		3.0		—
Total assets (1)	$	720.0	$	275.5	$	444.5


(1)	$225.4 million in cash and cash equivalents, $464.9 million in short-term investments, $25.1 million in restricted cash, and $4.6 million in other non-current assets on the Company’s Consolidated Balance Sheets.